Commercial and residential real estate across the Capital Region — development projects, property sales, construction, and the market trends driving them.
The former Hobby Lobby building on O’Neal Lane has been sold to a North Carolina-based real estate investment group that plans to convert the big box space into a self-storage facility.
After more than six years on the market, a retail strip center at the intersection of North Sherwood Forest and Florida boulevards anchored by a long-shuttered Albertsons supermarket has sold for $1.6 million, or a little more than $4.50 per square foot.
While the pandemic did not decimate the retail sector as much as one might have predicted last year at this time, it hastened trends that were underway before the onset of COVID-19: Vacancy rates in local shopping centers increased to more than 10% for the first time since 2014, and the growth of online shopping exploded at an unprecedented pace.
While the economy is showing positive signs of recovery, the yearlong pandemic has created uncertainty in the market that makes it difficult to predict the future of the multifamily and commercial real estate sectors in Baton Rouge, according to experts at this morning’s TRENDS Real Estate Seminar.